WEEKLY SCRAP WRAP: Global prices surge on US cut in tariff for Turkey

Global ferrous scrap prices rallied during the week ended Friday May 24 in response to the United States’ reduction of the tariff on imports of Turkish steel, with the exception of Vietnam, where buyers adopted a more cautious stance.

Prices surge on reduction of Turkish steel tariff in the US US export prices to Turkey up Taiwan prices rise but Vietnam prices hold ground on buyer skepticism Indian prices surge on positive election result. Turkey Turkish scrap import prices jumped by almost $20 per tonne on expectations that rebar export prices would increase as a result of the US decision to halve its tariff on imports of Turkey-origin steel products. Nine cargoes were booked during the week ended May 24. Four US-origin cargoes traded at $310-316 per tonne cfr, and five Baltic Sea cargoes sold at $302-313 per tonne cfr. The daily index for Northern Europe-origin HMS 1&2 (80:20) scrap ended the week at $307.12 per tonne on May 24, up from $285.86 per tonne on May 20. The daily index for US-origin HMS 1&2 (80:20) was $314.29...

Published

Cem Turken

Mei Ling Toh

Paul Lim

Carrie Bone

May 24, 2019

20:50 GMT

New York, London, Singapore, Mugla